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date: 08 March 2021

Abstract and Keywords

The IMF and World Bank were created at the end of World War II to support economic stability, trade, and reconstruction around the world. Subsequently, they became strongly associated with globalization and the opening up of economies to trade, capital flows, and foreign investment. This ensured support from wealthy governments and business but sharp criticism about their impacts on inequality, environmental damage, and corruption. Each now faces a more existential challenge due to the shifting power and focus of their member states. What remains constant is the need for each to strengthen its legitimacy, refocus its mandate, and work better with other organizations.

Keywords: globalization, development, Washington consensus, conditionality, good governance, Bretton Woods institutions, financial crisis, legitimacy post-conflict reconstruction, global governance

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